True North Apartment REIT Renews Normal Course Issuer Bid

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/

TORONTO, July 11, 2014 /CNW/ - True North Apartment Real Estate
Investment Trust (the "REIT") (TSX: TN.UN) announced today that the
Toronto Stock Exchange (the "TSX") has accepted notice of its intention
to renew its normal course issuer bid (the "Issuer Bid") for a further
12 months. Under the Issuer Bid, the REIT will have the ability to
purchase for cancellation up to a maximum of 1,773,177 of its trust
units ("Units") (representing 10% of the REIT's public float of
17,731,776 Units) through the facilities of the TSX. The Issuer Bid
will commence on July 15, 2014 and remain in effect until the earlier
of July 14, 2015 or the date on which the REIT has purchased the
maximum number of Units permitted under the Issuer Bid. The REIT's
average daily trading volume for the most recently completed six
calendar months was 33,180 Units. In accordance with the rules of the
TSX, 25% of that average daily trading volume (8,295 Units) is the
REIT's daily limit for purchases under the Issuer Bid made through the
facilities of the TSX. As of July 10, 2014, the number of issued and
outstanding Units was 18,758,861.

Given the REIT believes that the current market prices of the Units do
not reflect their underlying value, the REIT intends to make the Issuer
Bid because it believes that Units may become available during the
period of the Issuer Bid at prices that would make the purchase of such
Units for cancellation in the best interests of the REIT and its
Unitholders.

Over the last 12 months under its previous normal course issuer bid, the
REIT purchased 255,972 Units at a weighted average price of $8.37 per
Unit.

From time to time, when the REIT does not possess material non-public
information about itself or its securities, it may, in accordance with
the requirements of applicable securities laws and the TSX, enter into
a pre-defined plan with its broker to allow for the purchase of Units
at times when it ordinarily would not be active in the market due to
internal trading blackout periods. Any such plan would be subject to
the approval of the TSX.

Forward-looking Statements

Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian securities
laws. Forward-looking statements are provided for the purposes of
assisting the reader in understanding the REIT's financial position and
results of operations as at and for the periods ended on certain dates
and to present information about management's current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes. Forward-looking
information may relate to the REIT's future outlook and anticipated
events, including the number of Units that may be purchased under the
Issuer Bid, and may include statements regarding the financial
position, business strategy, budgets, litigation, projected costs,
capital expenditures, financial results, taxes and plans and objectives
of or involving the REIT. Particularly, statements regarding future
results, performance, achievements, prospects or opportunities for the
REIT or the real estate industry are forward-looking statements. In
some cases, forward-looking information can be identified by terms such
as "may", "might", "will", "could", "should", "would", "occur",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "project", "predict", "forecast", "potential",
"continue", "likely", "schedule", or the negative thereof or other
similar expressions concerning matters that are not historical facts.

Forward-looking statements necessarily involve known and unknown risks
and uncertainties, that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate; that
assumptions may not be correct; and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond the REIT's control, affect the operations, performance
and results of the REIT and its business, and could cause actual
results to differ materially from current expectations of estimated or
anticipated events or results. These factors include, but are not
limited to, the risks discussed in the REIT's materials filed with
Canadian securities regulatory authorities from time to time on
www.sedar.com. The reader is cautioned to consider these and other
factors, uncertainties and potential events carefully and not to put
undue reliance on forward-looking statements as there can be no
assurance that actual results will be consistent with such
forward-looking statements.

Information contained in forward-looking statements is based upon
certain material assumptions that were applied in drawing a conclusion
or making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances, including the following: the Canadian
economy will remain stable over the next 12 months; inflation will
remain relatively low; interest rates will remain stable; conditions
within the real estate market, including competition for acquisitions,
will be consistent with the current climate; the Canadian capital
markets will continue to provide the REIT with access to equity and/or
debt at reasonable rates when required; Starlight Investments Ltd. will
continue its involvement as asset manager of the REIT in accordance
with its current asset management agreement; and the risks identified
or referenced above, collectively, will not have a material impact on
the REIT. While management considers these assumptions to be reasonable
based on currently available information, they may prove to be
incorrect.

The forward-looking statements made in this press release are dated, and
relate only to events or information, as of the date of this press
release. Except as specifically required by law, the REIT undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the
occurrence of unanticipated events.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario.

The REIT focuses on a long-term strategy to generate stable cash
distributions on a tax-efficient basis for Unitholders. The REIT
intends to actively look for opportunities to expand its asset base and
increase its distributable cash flow through acquisitions of additional
multi-suite residential rental properties across Canada, the United
States and other jurisdictions where opportunities may arise.
Additional information concerning the REIT is available at
www.sedar.com.